Iowa homes continued to be sold at astonishingly high prices last month. The median sale price of homes increased by 6.5% compared to the previous year, rising from $214,700 to $228,700 in September. The number of homes available for sale decreased by 7.2% year-over-year, going from 11,784 to approximately 11,000 homes, resulting in only a 2-month supply. Considering the scarcity of houses, can Iowa be considered a seller’s market? Let’s examine the facts. In September, Des Moines homes were sold for a median price of $207,500, marking a 5.33% increase compared to the previous year. On the other hand, homes in Davenport were sold for a median price of $184,450, experiencing a significant 11.79% year-over-year increase. However, there were a few markets in Iowa where prices actually decreased compared to the previous year.
For home buyers, now is the perfect time to make a purchase. With interest rates at record highs and fewer buyers in the market, you can avoid bidding wars and even negotiate seller concessions. Although the 8.5% interest rate and mortgage payments may seem daunting, it’s important to note that rates are not expected to drop anytime soon. However, if they do, you can always explore the option of refinancing.
The present statistics of the real estate market in Iowa mirror the nationwide pattern of limited supply and high demand. Despite the robust housing demand, home sales plummeted. Nevertheless, property prices in Iowa have risen.
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